We Make Vendor Management Manageable
Why is Vendor Management Important?
The regulatory winds of change have blown and Vendor Strategies is in place to assist your financial institution with the daunting task of managing its third party service providers.
The FDIC, OCC, OTS and NCUA, in conjunction with the FFIEC, have made it clear that the Board of Directors and Senior Management are ultimately responsible for ensuring that proper due diligence is performed on all third party service providers throughout the life cycle of each relationship.
Why Vendor Strategies?
Our goal at Vendor Strategies is to reduce our client's burden of collecting & managing the mountain of documentation that is required from each vendor and to help ensure that a process is in place to mitigate the associated risk. This will help your institution comply with the regulatory guidelines.
We have dissected the regulations and determined exactly what documentation is required from each Vendor. We act as an extension of your compliance team and work directly with all of your third party relationships to obtain the required documentation, then convert it to an electronic format and upload it to our powerful web based software for your on-demand access and review.
We save you time, money and the hassle of hours of paperwork. Why wait any longer?
Benefits of Outsourcing to Us
- Free your time to focus on account holder needs and other vital tasks
- Help you obtain compliance with regulatory guidelines
- Convenience of having all vendor related documents in one central location
- Ideal addition to your Disaster Recovery Plan
- Track dates and ensure that you have the most current vendor documentation
- Provide detailed reporting for Examiners, Senior Managers and Board of Directors
- Manage contract costs & dates to ensure that you never miss another auto-renewal
- On-demand access, 24 hrs per day, 7 days a week
- Save money! Our service costs less than you would spend In-House
Our user-friendly software is web-based and functions as a central repository and tracking system for all third party vendor related information.
The software includes:
- Risk Assessment
- Document Management
- Contract Management
- Annual Reviews
- Robust Reporting
- Additional storage for related policies
- Access 24 hours per day/7 days a week
- ...and much more
Contact Us Today!